Standard Chartered to cut roles as AI use increases
Standard Chartered has announced plans to cut over 7,800 back-office roles, representing more than 15% of its workforce, as it increases its use of artificial intelligence. The bank aims to transition some affected employees to other roles within the company. This move aligns with a broader trend in the financial services sector, where companies are reducing staff in response to advancements in AI technology.
- ▪Standard Chartered will cut more than 15% of its back-office roles by 2030.
- ▪The bank is focusing on automation and AI to improve efficiency and client service.
- ▪This decision is part of a global strategy to enhance profitability.
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Standard Chartered to cut thousands of roles as AI use increases2 hours agoShareSaveAdd as preferred on GooglePeter HoskinsBusiness reporterGetty ImagesBanking giant Standard Chartered has become the latest major company to announce job cuts as it increases its adoption of artificial intelligence (AI).The firm, which has its headquarters in the UK, said it will cut more than 15%, or around 7,800, of its back-office roles by 2030.The BBC understands that Standard Chartered aims to move some of the affected workers to other roles in the business.Companies around the world have announced major job cuts in recent months as they increasingly use AI tools for tasks currently carried out by humans.The company did not give details of where the roles would be cut.
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